Household Debt Rises to $16.90 Trillion; Credit Cards Pass Pre-Pandemic High

[1srelluc]

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

Total household debt rose by $394 billion, or 2.4 percent, to $16.90 trillion in the fourth quarter of 2022, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances increased by $61 billion to reach $986 billion, surpassing the pre-pandemic high of $927 billion; mortgage balances rose to $11.92 trillion, auto loan balances to $1.55 trillion, and student loan balances to $1.60 trillion. The share of current debt transitioning into delinquency increased for nearly all debt types .

LOL....Of course the only logical answer is to forgive the credit card debt based on who checks the most equity boxes. Debt is "wacist" at it's core don't you know.

Ha! I bet you won't see City Gator bragging-up this one.

 

[shockedcanadian]

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

Total household debt rose by $394 billion, or 2.4 percent, to $16.90 trillion in the fourth quarter of 2022, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances increased by $61 billion to reach $986 billion, surpassing the pre-pandemic high of $927 billion; mortgage balances rose to $11.92 trillion, auto loan balances to $1.55 trillion, and student loan balances to $1.60 trillion. The share of current debt transitioning into delinquency increased for nearly all debt types .

LOL....Of course the only logical answer is to forgive the credit card debt based on who checks the most equity boxes. Debt is "wacist" at it's core don't you know.

Ha! I bet you won't see City Gator bragging-up this one.

My wife had a very public gambling addiction, was already being pursued by creditors and she received an increase to her C.C which was promptly maxed out, starting another cycle of anger and violence against me.

Wait until Americans start taking on gambling addictions as too many Ontario citizens do. The province marketing to young viewers on hockey telecasts, destroying lives because the province is desperate to pay for the bakrupt police state.

Its as if you guys are lagging our bad news by a few years...

 

[1srelluc]

My wife had a very public gambling addiction, was already being pursued by creditors and she received an increase to her C.C which was promptly maxed out, starting another cycle of anger and violence against me.

Wait until Americans start taking on gambling addictions as Ontario citizens do. The province marketing to young viewers on hockey telecasts, ,destroying lives because the province is desperate to pay for the bakrupt police state.

Its as if you guys are lagging our bad news by a few years...

Odd you mention gambling.....I totally oppose state sponsored gambling.

I was talking to a guy that runs a 7-11, they have two slot machines there and he said the gamblers run from the slot machine to the ATM, back and forth, all day.

 

[shockedcanadian]

Odd you mention gambling.....I totally oppose state sponsored gambling.

I was talking to a guy that runs a 7-11, they have two slot machines there and he said the gamblers run from the slot machine to the ATM, back and forth, all day.

The only time I went to the casino was to get away from my wife and drink tea all day. I never bet big in my life while my wife spent so much I needed to give her money for her drug benefits that were due or she would have lost them. THAT Is addicted.

Yes, gambling destroys societies. It turns peoples minds and emotions to mush while rendering them broke.

 

[1srelluc]

The only time I went to the casino was to get away from my wife and drink tea all day. I never bet big in my life while my wife spent so much I needed to give her money for her drug benefits that were due or she would have lost them. THAT Is addicted.

Yes, gambling destroys societies. It turns peoples minds and emotions to mush while rendering them broke.

Yep, I went on a riverboat casino docked in Missouri once, bought a T-shirt for the daughter, dropped four quarters in a one-armed bandit to say that I did, lost my dollar, and left.

 

[task0778]

Sooner or later the credit card companies will have to eat a shit-ton of consumer debt that isn't going to be paid, it's like the national debt on an individual or household basis. The interest on that debt will get to be so high that people can't pay it, and then what? The credit card companies will cancel people's credit card and raise the interest rates on the rest of us, with the result that people will reduce or stop borrowing more than they can pay for. But there will be a lot of people who will be SOL, with no credit. I don't see another option; some of these companies won't be able to meet their obligations and we'll be right back in 2007 with another debt bubble crisis. The underwriting companies will take a hit, following by the banks and other investors as we head into another bad recession or even a depression.

 

[shockedcanadian]

Yep, I went on a riverboat casino docked in Missouri once, bought a T-shirt for the daughter, dropped four quarters in a one-armed bandit to say that I did, lost my dollar, and left.

If you like old Twilight Zone episodes there is a classic invo!ving a monster slot macine that gives a man nightmares. He goes from logical accountant to slot addict.

 

[Concerned American]

Yep, I went on a riverboat casino docked in Missouri once, bought a T-shirt for the daughter, dropped four quarters in a one-armed bandit to say that I did, lost my dollar, and left.

We had a timeshare for 35 years in S. Lake Tahoe. We went to the casinos every time we went up there---for the cheap food. Their restaurants and buffets are great. In 35 years, I don't think I dropped more than $10 total gambling. They didn't get those big fancy buildings because gamblers were winning.

 

[odanny]

There is nothing wrong with gambling if you have a lifetime of experience with financial discipline, like I do. I gamble all the time, and win slightly more than I lose. The most I've lost in a 12 month period is less than a thousand, and the most I've won in the same time is around $2000. I usually make small bets with favorable odds.

 

[Harpy Eagle]

The good news is even with the rise the debt to income ratio is still lower than it was pre-COVID during the best economy in the history of the entire world.

 

[task0778]

IMHO, the real problem is not gambling, although that IS a problem. But too many households are accumulating more credit card debt just to make ends meet, cuz inflation is rising more than wages are and it's a losing battle. Certainly the rate of inflation isn't as bad as it was last year, but too many of us are living beyond our means and sooner or later it's going to catch up with us.

 

[Concerned American]

The good news is even with the rise the debt to income ratio is still lower than it was pre-COVID

Linkie?

 

[sparky]

We went to the casinos every time we went up there---for the cheap food. Their restaurants and buffets are great

i rolled into Vegas 1/2 century ago starving, my partner and i spent hours at the 'free buffet' ,having not had much more than potatoes via campfire for weeks.

i dropped a nickel into a one armed bandit, and a stream of nickels flowed on out.......as i was stuffing what i could in my pants this dude about 3 times my size came up behind me and said 'Son, where's your daddy?'

looking up i stuttered ....'uhm, in the parking lot'.....

my feet never touched ground as he escorted me out

~S~

 

[Concerned American]

i rolled into Vegas 1/2 century ago starving, my partner and i spent hours at the 'free buffet' ,having not had much more than potatoes via campfire for weeks.

i dropped a nickel into a one armed bandit, and a stream of nickels flowed on out.......as i was stuffing what i could in my pants this dude about 3 times my size came up behind me and said 'Son, where's your daddy?'

looking up i stuttered ....'uhm, in the parking lot'.....

my feet never touched ground as he escorted me out

~S~

I had a similar thing happen in Circus Circus in 1970. We had driven in from Barstow on weekend liberty--I was just 18 but the guy traveling with me was 21. We were there ostensibly to see his folks who lived out on Lake Mead. We arrived with an empty tank and I had 3 nickels in my pocket. As luck would have it--his folks weren't home. I dropped my nickels in a machine and a $7.50 jackpot came up--they had to pay it out in those days and they weren't going to pay me so my buddy collected it. It filled my tank and got us back to base. I figure I used up all of any luck I might have had and never gambled more than about $5 since then. LOL

 

[task0778]

The good news is even with the rise the debt to income ratio is still lower than it was pre-COVID during the best economy in the history of the entire world.

Frankly, I doubt that. I do not believe the increase in income has kept up with the rising household debt. One wonders how that ratio was determined. And that household debt number was as of 4th qtr of 2022, I suspect it has gotten much worse since then and I also doubt that wages have kept up with inflation.

Total household debt is on the rise in 2023 – increasing by $148 billion to $17.05 trillion. Balances now stand $2.9 trillion higher than the end of 2019, before the pandemic, according to The Federal Reserve Bank of New York’s Center for Microeconomic Data’s Quarterly Report on Household Debt and Credit.

Federal Reserve: Total household debt in America increases to $17.05 trillion

Total household debt is on the rise in 2023 – increasing by $148 billion to $17.05 trillion. Balances now stand $2.9 trillion higher than the end of 2019, before the pandemic.

augustafreepress.com

 

[Harpy Eagle]

Frankly, I doubt that. I do not believe the increase in income has kept up with the rising household debt. One wonders how that ratio was determined. And that household debt number was as of 4th qtr of 2022, I suspect it has gotten much worse since then and I also doubt that wages have kept up with inflation.

Total household debt is on the rise in 2023 – increasing by $148 billion to $17.05 trillion. Balances now stand $2.9 trillion higher than the end of 2019, before the pandemic, according to The Federal Reserve Bank of New York’s Center for Microeconomic Data’s Quarterly Report on Household Debt and Credit.

Federal Reserve: Total household debt in America increases to $17.05 trillion

Total household debt is on the rise in 2023 – increasing by $148 billion to $17.05 trillion. Balances now stand $2.9 trillion higher than the end of 2019, before the pandemic.

augustafreepress.com

Household Debt Service Payments as a Percent of Disposable Personal Income

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q4 2023 about disposable, payments, debt, personal income, percent, personal, households, services, income, and USA.

fred.stlouisfed.org

 

[gipper]

The only time I went to the casino was to get away from my wife and drink tea all day. I never bet big in my life while my wife spent so much I needed to give her money for her drug benefits that were due or she would have lost them. THAT Is addicted.

Yes, gambling destroys societies. It turns peoples minds and emotions to mush while rendering them broke.

Gambling us a terrible scourge, yet our governments allow its promotion 24/7. In the US, it used to be illegal to gamble for good reason. Now the government and establishment push it and the result are destroyed lives.

I remember when the casino opened in Windsor Ontario decades ago, just across the Detroit River. The Detroit News did a long piece at the time revealing how bankruptcies exploded in the Detroit area.

Some people apparently can’t help themselves and become addicted to gambling much like drug addicts.